Fiscal Note - State of Utah - 2013 General Session

HB0197 - Earned Income Tax Credit and Related Funding

State Government (UCA 36-12-13(2)(b)):
Enactment of this bill could reduce the Education Fund by $21,500,000 in FY 2014 and by $22,500,000 in FY 2015. The revenue reduction will be offset by a transfer from the General Fund equal to the credits claimed.

State Budget Detail TableFY 2013FY 2014FY 2015
General Fund$0($22,500,000)($22,500,000)
General Fund, One-Time$0$1,000,000$0
Education Fund$0$21,500,000$22,500,000
Education Fund$0($21,500,000)($22,500,000)
   Total Revenue$0($21,500,000)($22,500,000)
Net Impact, All Funds (Rev.-Exp.)$0($21,500,000)($22,500,000)
   Net Impact, General/Education Funds (Rev.-Exp.)$0($21,500,000)($22,500,000)

Local Governments (UCA 36-12-13(2)(c)):
Enactment of this bill likely will not result in direct, measurable costs for local governments.

Direct Expenditures by Utah Residents and Businesses (UCA 36-12-13(2)(d)):
Enactment of this bill could provide an estimated 191,900 taxpayers an average benefit of approximately $112 in beginning in FY 2014.

Performance Note Required? (Joint Rule 4-2-404): No

2/11/2013, 12:15:38 PM, Lead Analyst: Wilko, A./Attny: RLROffice of the Legislative Fiscal Analyst